To require the imposition of sanctions with respect to financial institutions of countries of concern that clear, verify, or settle transactions with other financial institutions of such countries.
About This Bill
Committee
Latest Action · July 30, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
The Sanctions Evasion Prevention and Mitigation Act of 2024 requires the President to impose sanctions on financial institutions from countries of concern such as China, Russia, Iran, North Korea, Cuba, and Venezuela if they use alternative payment systems like CIPS, SPFS, or SEPAM to conduct transactions with other sanctioned financial institutions. These sanctions include blocking property and assets in the United States, prohibiting the institutions from maintaining accounts at U.S. banks, and making executive officers of these institutions ineligible for U.S. visas and entry. The bill gives the President 90 days to develop regulations and determine how to implement the sanctions, and requires a report within 180 days assessing how these alternative payment systems help countries evade U.S. sanctions and recommending ways to strengthen American influence in the global financial system. Intelligence activities and transactions involving goods imports are exempt from these sanctions requirements.
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